Ripple, Bitcoin & Altcoins — Asian Wrap 12 March
XRP price tagged the $0.7440 level on Monday, after trading below the $0.66 resistance for weeks. The altcoin’s rally to its new year-to-date high is likely catalyzed by XRP holders’ anticipation surrounding the upcoming opening brief deadline in the Securities and Exchange Commission (SEC) lawsuit against Ripple, and the recently passed Automated Market Maker (AMM) amendment.
Coinbase’s recent filing in its lawsuit against the US financial regulator highlighted the SEC’s contradictory stance on digital assets. The XRP community and pro-Ripple attorneys commented on the exchange’s filing and debated its implication on the SEC v. Ripple lawsuit.
Bitcoin (BTC) price continues to show strength, moving in unchartered territory amid institutional FOMO (fear of missing out). This is reinforced by the fact that the majority of BTC holders are not selling. Meanwhile, Ethereum (ETH) is also showing strength, holding above $4,000 while Ripple (XRP) price outdoes itself with double-digit gains.
As Bitcoin (BTC) price continues to forge north, its effective impact on meme coins continues to dwindle. A sector that was previously recording double-digit gains has since cooled off, with Dogecoin (DOGE) and Shiba Inu (SHIB) posting a meager 5% and 0.70% in gains while other large market capitalization-sized altcoins record more gains.
